The U.S. Small Business Administration is reminding eligible businesses, nonprofits, homeowners and renters in the Owen County area affected by severe storms this spring to apply for low-interest federal disaster loans.
The deadline for applying for loans is Oct. 27. The loans aim to help offset losses from the damage caused by the severe storms, tornadoes, straight-line winds and flooding that occurred March 30-April 9.
A disaster declaration covering Owen County provides eligibility for Physical Damage Loans and Economic Injury Disaster Loans, the SBA said this week.
Businesses and nonprofits may borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory, and other business assets.
Homeowners and renters may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners also may apply for up to $500,000 to replace or repair their primary residence.
Applicants may be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation improvements, the agency said. Improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter.